TBIL vs. IAU
TBIL (F/m US Treasury 3 Month Bill ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 3 years, TBIL returned 4.63%/yr vs 29.07%/yr for IAU. At a 0.05 correlation, their price movements are largely independent. TBIL charges 0.15%/yr vs 0.25%/yr for IAU.
Performance
TBIL vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, TBIL achieves a 1.61% return, which is significantly higher than IAU's -2.44% return.
TBIL
- 1D
- 0.03%
- 1M
- 0.32%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
IAU
- 1D
- 0.08%
- 1M
- -9.54%
- YTD
- -2.44%
- 6M
- -2.22%
- 1Y
- 22.32%
- 3Y*
- 29.07%
- 5Y*
- 17.23%
- 10Y*
- 12.31%
TBIL vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBIL F/m US Treasury 3 Month Bill ETF | 1.61% | 4.19% | 5.15% | 5.12% | 1.29% |
IAU iShares Gold Trust | -2.44% | 63.95% | 26.85% | 12.84% | 1.83% |
Correlation
The correlation between TBIL and IAU is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.05 |
The correlation between TBIL and IAU shifts across timeframes, from -0.06 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBIL vs. IAU — Risk / Return Rank
TBIL
IAU
TBIL vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 3 Month Bill ETF (TBIL) and iShares Gold Trust (IAU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TBIL | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +12.98 | ||
| Sortino ratioReturn per unit of downside risk | +57.45 | ||
| Omega ratioGain probability vs. loss probability | 17.24 | 1.19 | +16.06 |
| Calmar ratioReturn relative to maximum drawdown | 197.88 | 0.99 | +196.89 |
| Martin ratioReturn relative to average drawdown | 939.34 | 2.83 | +936.51 |
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Drawdowns
TBIL vs. IAU - Drawdown Comparison
The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for TBIL and IAU.
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Drawdown Indicators
| TBIL | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -45.14% | +45.04% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -24.40% | +24.38% |
Max Drawdown (3Y)Largest decline over 3 years | -0.02% | -24.40% | +24.38% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.40% | — |
Current DrawdownCurrent decline from peak | 0.00% | -22.03% | +22.03% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -15.97% | +15.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 8.47% | -8.47% |
Volatility
TBIL vs. IAU - Volatility Comparison
The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.07%, while iShares Gold Trust (IAU) has a volatility of 7.70%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBIL | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 7.70% | -7.63% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 23.94% | -23.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 27.17% | -26.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 18.16% | -17.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.32% | 16.02% | -15.70% |
TBIL vs. IAU - Expense Ratio Comparison
TBIL has a 0.15% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TBIL vs. IAU - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 3.82%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TBIL F/m US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% |
Frequently Asked Questions
TBIL and IAU have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (7.70%) compared to TBIL (0.07%). In terms of maximum drawdown, TBIL dropped -0.10% vs IAU's -45.14%.
On 3-year performance, IAU leads with 29.07% vs 4.63% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAU has performed better with a 29.07% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBIL is cheaper with a 0.15% expense ratio, compared with 0.25% for IAU.
TBIL has the higher dividend yield at 3.82%, compared with 0.00% for IAU.
TBIL is categorized as Ultrashort Bond, while IAU is Gold. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while IAU tracks LBMA Gold Price. They also come from different issuers: F/m Investments and iShares. Their fees differ too: 0.15% for TBIL and 0.25% for IAU.
TBIL currently has the higher Sharpe Ratio (13.87 vs 0.89), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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